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Components of Net Periodic Benefit Cost
6 Months Ended
Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Components of Net Periodic Benefit Cost
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
(000's)
 
(000's)
 
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Service cost
 
$
510

 
$
559

 
$
13

 
$
17

 
$
1,020

 
$
1,119

 
$
26

 
$
34

Interest cost
 
939

 
846

 
44

 
43

 
1,878

 
1,692

 
87

 
87

Expected return on plan assets
 
(948
)
 
(827
)
 

 

 
(1,897
)
 
(1,655
)
 


 

Amortization of transition obligation
 

 

 

 
15

 


 

 


 
30

Net amortization of prior service cost
 
(2
)
 
(4
)
 

 

 
(5
)
 
(8
)
 


 

Net amortization of net (gain) loss
 
190

 
523

 

 

 
379

 
1,046

 
(1
)
 

Net Periodic Benefit Cost
 
$
689

 
$
1,097

 
$
57

 
$
75

 
$
1,375

 
$
2,194

 
$
112

 
$
151


 
Employer Contributions
 
First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2013 that it expected to contribute $3.2 million and $1.2 million respectively to its Pension Plan and ESOP and $248 thousand to the Post Retirement Health Benefits Plan in 2014. Contributions of $1.3 million have been made to the Pension Plan through the first six months of 2014. Contributions of $106 thousand have been made through the first six months of 2014 for the Post Retirement Health Benefits plan. No contributions have been made in 2014 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first six months of 2014 and 2013 there has been $719 thousand and $700 thousand of expense accrued for potential contributions to these alternative retirement benefit options.